Bank of New York Mellon Corp Sells 2,440 Shares of First Internet Bancorp (NASDAQ:INBK)

Bank of New York Mellon Corp decreased its holdings in shares of First Internet Bancorp (NASDAQ:INBK) by 7.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 30,785 shares of the bank’s stock after selling 2,440 shares during the quarter. Bank of New York Mellon Corp owned 0.36% of First Internet Bancorp worth $1,108,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. R Squared Ltd bought a new position in shares of First Internet Bancorp in the fourth quarter worth about $33,000. MetLife Investment Management LLC boosted its holdings in shares of First Internet Bancorp by 129.1% in the third quarter. MetLife Investment Management LLC now owns 4,737 shares of the bank’s stock valued at $162,000 after purchasing an additional 2,669 shares during the period. SG Americas Securities LLC grew its stake in First Internet Bancorp by 22.5% in the fourth quarter. SG Americas Securities LLC now owns 5,181 shares of the bank’s stock worth $186,000 after purchasing an additional 953 shares in the last quarter. XTX Topco Ltd purchased a new position in First Internet Bancorp during the 3rd quarter worth $201,000. Finally, Jane Street Group LLC purchased a new position in shares of First Internet Bancorp during the third quarter valued at $203,000. 65.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

INBK has been the topic of several recent research reports. Piper Sandler dropped their target price on shares of First Internet Bancorp from $42.50 to $38.00 and set a “neutral” rating on the stock in a report on Monday, January 27th. StockNews.com upgraded shares of First Internet Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday, March 19th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $40.00 price objective (down previously from $45.00) on shares of First Internet Bancorp in a research note on Friday, January 24th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, First Internet Bancorp has a consensus rating of “Moderate Buy” and an average price target of $41.75.

First Internet Bancorp Stock Performance

INBK stock opened at $28.53 on Tuesday. First Internet Bancorp has a one year low of $24.18 and a one year high of $43.26. The firm has a market cap of $248.13 million, a price-to-earnings ratio of 9.87 and a beta of 0.72. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.98 and a current ratio of 0.99. The firm has a 50-day simple moving average of $31.23 and a two-hundred day simple moving average of $34.93.

First Internet Bancorp (NASDAQ:INBK) last issued its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.51). First Internet Bancorp had a return on equity of 5.86% and a net margin of 7.45%. On average, equities analysts forecast that First Internet Bancorp will post 4.11 EPS for the current fiscal year.

First Internet Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.24 annualized dividend and a dividend yield of 0.84%. First Internet Bancorp’s dividend payout ratio (DPR) is currently 8.30%.

About First Internet Bancorp

First Internet Bancorp operates as the bank holding company for First Internet Bank of Indiana that provides commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States. The company accepts non-interest bearing and interest-bearing demand deposit, commercial deposit, savings, money market, and Banking-as-a-Service brokered deposit accounts, as well as certificates of deposit.